Harare, (New Ziana) – The Reserve Bank respects property rights and regards cash safe deposit boxes placed in banks as private property, and hence has no intention to swoop on them, a senior official of the apex bank has said.
Responding to some media reports that the bank will soon swoop on cash deposit boxes in banks, homes and business premises, central bank governor John Mushayavanhu implored individuals and businesses to use formal banking channels to improve financial intermediation through market incentives that ensure money earns a lucrative return and also to guarantee safety of funds in light of increased incidences of robberies.
“In its Monetary Policy Statement of February 2025, the Reserve Bank cautioned against the abuse of cash deposit boxes and the proliferation of shadow banks contrary to the alleged swooping on businesses holding cash in cash deposit boxes as reported in the said article.
“In this context, the Reserve Bank would like to assure the public that there is no intention to swoop on businesses and individuals holding money in cash deposit boxes in banks and business premises. The Reserve
Bank respects the public’s property rights and regards safe deposit boxes as private property,” said Mushayavanhu. The Reserve Bank increased interest rates on savings and time deposits to a minimum of 2.5 percent and 4 percent for USD deposits and 5 percent and 7.5 percent for ZiG deposits, respectively, in the February 2025 Monetary Policy Statement, in an effort to encourage a culture of saving.
Mushayavanhu said the apex bank also continues to ensure that depositors’ funds are safe and secure in the banking sector, through its proactive and vigilant supervision and surveillance of the financial sector.
“Importantly, the Reserve Bank is also working with the Bankers Association of Zimbabwe and Payment Systems Providers to come up with mechanisms to minimize bank charges and support increased financial intermediation in the formal banking sector.
“The Reserve Bank re-affirms its commitment to respect property rights and assures the business community and the public that their funds in the banking system remain safe and that the Central Bank has no appetite to swoop on cash deposit boxes for those who choose to use them,” said Mushayavanhu.
New Ziana
